UT (my alma mater and my boss) offers savings accounts, road map to college
By Matt Lockwood : October 30th, 2009
Unfortunately, many people give up on the dream of going to college at a young age because they donít think their family would ever be able to afford it.
The University of Toledo has developed an innovative new program that reinforces the concept that college can be a reality for students willing to work for it.
UTís new Scholarly Savings Account Program will make annual deposits of $2,000 into individual student scholarship accounts beginning with the successful completion of the eighth grade and for completion of each successful year of high school. The first deposits will be made in June 2010.
Upon graduation from high school, a student may have accumulated a maximum of $10,000 through the Scholarly Savings Program that can be used toward tuition at UT. The scholarship funds will then be disbursed in annual increments of $2,500 for each of four years of attendance at the University.
UTís requirements for students are that they graduate high school with a minimum 3.0 grade-point average and meet core curriculum criteria for regular admission to the University.
ďI believe this provides a road map for students and families beginning at a young age to make higher education a reality,Ē said Lawrence J. Burns, vice president for external affairs and interim vice president for equity and diversity. ďItís a powerful message to be able to say, ĎHere is money on the table; if you work hard in school, itís yours.íĒ
For students to be eligible, their school districts must sign a participation agreement with UT, including the development of its own requirements and an annual tracking process. The program is open to all school districts, including parochial schools.
Besides providing scholarship dollars, the Scholarly Savings Account Program aims to give school districts leverage to require students to do things such as take the necessary college prep courses, participate in activities and meet attendance requirements.
UT officials believe that this will result in improved high school graduation rates and better prepare students for the rigor of a UT education.
Will it work? Would it have worked on you?
I had a full scholarship to school, thanks to hard work on my part, but I imagine this would be a great program for a lot of Toledo kids. 10K isn't huge compared to what the average college education costs, but it would help.
Will is affect high school graduation rates? In the end, it's up to the students and their parents... and how engaged, driven, and concerned about the future they are. These kids can't expect a guaranteed living working in factories anymore.
Think I'm starting to become jaded. While it sounds nice and a legitimate attempt to help, there are much better ways of helping students.
For example, don't change Calculus books ever year, killing the used book option and charging $150 for something that hasn't changed in 200 years.
When I first went to college I paid $1200 for full time as many credits as I wanted to take. That was less than 10 years ago. Now I can't even afford to take 1 class at UT because it's well over 2-3k in-state.
So to me 10k sounds nice, but in reality it's like a store saying they'll give you a $10 coupon, only to raise the item to $20.
UT used have its own bookstore and sold books to the students at a huge discount. They bought them back at 50 percent the new price and sold the used books at 60 percent of the new price. The board of trustees insisted that it be privatized. Now the students pay 100 percent of the list price and get a pittance when selling them back. Gotta love a board of trustees like that!
yeah, I know, I was shocked I had to pay $50 for an anatomy and physiology book, new, in 1983, can't even imagine what it costs now. And that's an excellent point, coffee, but the profs write the books and they need the money. it's all about the dollahz. I'm getting a little jaded, too, when you see them act one way and call it something else you know ain't right. I know it'a all about optimism but I hate being a sheep.
My goal was to move away from home and have the full "college experience." So, the program wouldn't have worked for me personally. (And I did love my years away at school, living in the dorms and sorority house.)
But, I could see this making a difference for kids who might not otherwise get to go. $10K probably wouldn't go too far towards a 4-year degree any more, but its better than nothing. Especially if a student lives at home to save money while going to school.
While this program may help already motivated students, the key for success of this program rests upon VP Burnsí emphasis on reaching the youth at a young enough age and to have an impact on the home lives of students that may be at risk of academic failure
Most drop-outs donít leave school because they ďgive up on the dream of going to college at a young age because they donít think their family would ever be able to afford itĒ.
Paying for it is the last thing on the minds of those from homes where a future orientation is just not important and education is viewed as threatening and not seen as that road to future happiness.
Drop-outs typically leave school for reasons like being seventeen years old and having only two credits or becoming pregnant and other reasons antithetical to academic success that are shaped early.
<<< yeah, I know, I was shocked I had to pay $50 for an anatomy and physiology book, new, in 1983, can't even imagine what it costs now >>>
The few times I've had to buy my books, I've paid between $175.00 to $220.00